Economy

Asos buys Topshop and three other Arcadia brands following company's collapse

Asos buys Topshop and three other Arcadia brands following company's collapse”

Arcadia went into administration in November, putting more than 13,000 jobs at risk and becoming Britain's biggest corporate casualty of the Covid-19 pandemic.

ASOS has agreed to buy Topshop, Topman and Miss Selfridge - but their 70 stores, employing 2,500 people, are not included in the deal.

Asos has paid for the brands' goodwill and stock on hand, and it will also take on certain liabilities for forward committed stock orders.

Evans, another retailer within the Arcade portfolio was sold to Australia's City Chic for £23m in December.

487 jobs are being cut at Arcadia Group in the Republic at stores including; Dorothy Perkins and Burton.

The demise of Green's brands and high street chain Debenhams follows the failure of retailers such as Cath Kidston, Oasis and Warehouse during the past year.

Elsewhere, Boohoo recently bought the Debenhams website for £55 million after the company was forced to shut its doors a year ago.

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According to the Guardian, a report by Arcadia's administrators Deloitte suggests former Arcadia owner Sir Philip Green and his family could receive £50m from the sale.

All of Debenhams' stores are expected to close once their current liquidation store is completed after non-essential shops are allowed to reopen.

"We saw this as a compelling opportunity to acquire four really iconic British brands, brands that we know resonate really well with our existing core customers", CEO Nick Beighton told Reuters.

"It is something we are considering but we are not a stores business", he said.

"We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the United Kingdom and around the world".

ASOS and the administrators of Arcadia both declined to comment.

Among potential bidders beaten by Asos to the purchase was Chinese fashion retailer Shein and the Issa brothers, who in October announced they were buying Asda for £6.8bn.



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